Experienced Lawyers Guide Entrepreneurs through Business Formation
Many consider the idea of starting a new business to be the American Dream. Reality, however, dictates that you must choose the appropriate business structure to safeguard your interests, minimize tax burden, and maximize your NJ, PA or FL business as it grows. Helping clients in areas like Cherry Hill, Medford, Princeton, and Voorhees.
Many people look for legal advice on the Internet, opting for templates and forms that appear to simplify the business formation process. At Bratton Scott, we strongly caution against do-it-yourself business-related legal activity. Instead, our experienced business lawyers will draft documents to protect your interests now and as your business matures. The peace of mind you will have can prove to be invaluable.
Types of Businesses
The best place to start is at the beginning. Which business model is best for your company? Bratton Scott will analyze your current situation and make sure you choose the appropriate business structure that will safeguard your assets and limit your liabilities.
- Sole Proprietorship – Sole proprietors get all the income and they’re personally responsible for all the debts, taxes and liabilities.
- Partnership – As with sole proprietorships, the partners are responsible for their own income and for the debts of the business. However, if one partner makes a bad business decision, the other partner can be personally liable. An experienced Bratton Scott lawyer will draft documents to protect the partners personally, as well as the business.
- Corporations – The key advantage to corporation formation is that there is limited personal liability. The corporation files its own income tax forms and is responsible for its own debts. There are many legal rules and regulations that have to be followed just to start a corporation, let alone maintain it.
- Limited Liability Companies – An LLC is set up to protect the owners of a company from the businesses’ liabilities. Learn more about the tax, legal and personal benefits of creating an LLC entity from a knowledgeable business lawyer at Bratton Scott.
Or, Consider These Other Possible Business Structures
It’s important to understand the benefits and liabilities associated with each type of business, before you opt for one. Options include:
- Chapter S Corporation
- Professional Corporation (PC)
- Limited Liability Partnership (LLP)
- Limited Liability Company (LLC)
- Joint Ventures
- Non-Profit Corporations
Contact Bratton Scott for a Consultation Today
In addition to choosing a business structure, there are many legal documents that must be properly drafted and filed when starting a business. Don’t go it alone. You need to protect yourself, your family and the business at-large.
For more information on the legal steps necessary to starting a business, and for advice on the best way to protect yourself, contact at Bratton Scott in Haddonfield, NJ, Ewing, NJ, Philadelphia, PA, or Fort Lauderdale, FL. We have experience helping people turn their business dreams into successful realities. Call us at 856-857-6007 or fill out our convenient online form to request your initial, consultation today.